Bloom Energy Expands AI Power Sales as Revenue Surges in 2026

Bloom Energy has rapidly expanded its role in AI infrastructure by supplying on-site electricity systems to data center operators seeking faster access to power. The company's second-quarter 2026 results, published figures show, recorded $1.065 billion in revenue, a 166% year-over-year increase driven by accelerating data center deliveries, according to Trefis.

Bloom's growth reflects demand for solid oxide fuel cells that generate electricity at customer facilities. The systems can help data center developers avoid lengthy waits for grid connections, making rapid power deployment an increasingly important consideration as AI computing infrastructure expands, according to Yahoo Finance.

Bloom reported $935 million in product revenue for the second quarter of 2026, up approximately 215% year over year, while total revenue exceeded $1 billion for the first time in its history, Yahoo Finance reported. Seeking Alpha also highlighted a product gross margin of 37.2%, indicating that product sales contributed to the company's expanding business.

Operating expenses rose more slowly than revenue, according to Yahoo Finance. In the second quarter of 2025, Bloom generated approximately $401 million in revenue and incurred about $111 million in operating expenses. In the corresponding 2026 quarter, revenue exceeded $1 billion while operating expenses reached approximately $173 million.

The change helped Bloom move from a $3.5 million operating loss in the year-earlier quarter to an operating profit of $182 million in the second quarter of 2026, Yahoo Finance reported.

However, customer concentration remains a significant business risk. Yahoo Finance reported that approximately 73% of second-quarter revenue came from a single buyer, leaving a substantial share of the company's recent growth dependent on one customer's purchasing activity.

Bloom has also developed projects and partnerships involving Equinix, Oracle, Nebius, Brookfield Asset Management and miTAC Computing, a manufacturer of servers for AI workloads, according to Yahoo Finance. These relationships connect the company's electricity-generation technology with data center operators and businesses supplying computing infrastructure.

Financing arrangements could further support deployments. Seeking Alpha reported that Brookfield expanded its financing framework for Bloom from $5 billion to $25 billion, increasing the potential financial capacity available to support installations.

Bloom's supply requirements also illustrate why installed generating capacity does not necessarily equal the amount of electricity guaranteed to customers. Seeking Alpha cited Nebius as requiring 328 megawatts of installed capacity to secure 250 megawatts of guaranteed capacity, highlighting the distinction between headline capacity and usable output under a particular arrangement.

Bloom's recent stock performance has drawn attention alongside its operating results. Trefis calculated that the shares gained 234.9% in the 12 months through October 7, 2026, compared with a 17.1% return for the S&P 500 over the same period. Plug Power fell 56.9%, while FuelCell Energy gained 73.3%.

The rally followed a period of uneven financial performance. Bloom's revenue fell 17.5% year over year in the third quarter of 2024. During the week ending April 4, 2025, its stock dropped more than 21%, and the company still recorded a small operating loss in the second quarter of 2025 despite revenue growth of 19.5%, according to Trefis.

Management had discussed the importance of rapid electricity access before the stock's major advance. During an earnings call on November 7, 2024, executives identified data centers as an important market and emphasized the time required for customers to obtain power. On February 27, 2025, management described on-site generation as a necessary supplement to the electrical grid, Trefis reported.

Bloom's growth outlook strengthened further in July 2026. According to Trefis, management reported on July 28 that customers were placing longer-term orders and that the backlog of undelivered orders was growing faster than revenue. The company also raised its full-year 2026 revenue forecast to $3.9 billion to $4.2 billion, approximately double its revenue of just over $2 billion in 2025 at the midpoint of the guidance range.

Valuation has become another consideration for investors. Trefis reported that Bloom traded at 26.9 times sales, compared with 3.1 times for the S&P 500. Seeking Alpha cited consensus estimates projecting $14.24 billion in revenue and earnings per share of $12.83 by 2030, figures that underpin expectations for substantial future growth.

Investors also face legal and operational uncertainties. Trefis reported that a securities class action covers buyers from February 27, 2025, through July 8, 2026, alleging that management's assurances about Bloom's exposure to China's supply chain were misleading. The allegations are claims in the litigation, not established findings of wrongdoing.

Bloom's fourth-quarter 2026 results will provide its full-year revenue figure and show how performance compares with management's $3.9 billion to $4.2 billion forecast. Revenue within or above that range would meet the stated outlook, while a result below $3.9 billion would fall short of its lower boundary.